Turkey Regulator Demands Bank Asya Information Before Sukuks (1)

Bank Asya
Bank Asya


Date posted: April 25, 2014

ISTANBUL

Asya Katilim Bankasi AS (ASYAB), the Turkish lender in partnership talks with Qatar Islamic Bank, must ask the regulator for permission to issue further sukuk under a 1.25 billion-lira ($587 million) debt program.

Turkey’s Capital Markets Board has asked to be informed of future issues, Cengiz Onder, head of investor relations at Bank Asya, said in a phone interview today from Istanbul. An official at the board, asking not to be named under government policy, said it’s seeking further documentation from Bank Asya before sales can resume, without giving further comment.

The lender is a member of the Tuskon business group, representing companies whose executives sympathize with U.S.- based cleric Fethullah Gulen. Prime Minister Recep Tayyip Erdogan says Gulen’s followers are behind corruption allegations from December. Turkish newspaper Sabah reported today that the Capital Markets Board has stopped Bank Asya from issuing sukuk debt, without saying where it got the information.

Bank Asya has sold 550 million liras in sukuk debt in small amounts with short maturities, and the Sabah story was based on false “speculation” that it was being blocked from issuing more, Onder said. The bank’s core focus will be on attracting deposits, he said.

In the six weeks after the corruption allegations became public, Bank Asya fell more than any other company on the benchmark XU100 index. The bank’s share price then climbed the most in 6 years after news of talks with QIB emerged last month.

Source: Bloomberg , April 24, 2014


Related News

Religious leader: I was told to blame Gülen movement for police banning my group meeting

Alparslan Kuytul, president of the Furkan Foundation and leader of a religious group critical of the Turkish government, said he was advised to put the blame on the faith-based Gülen movement for a police intervention in a meeting of his followers in April and that the government would ultimately clear the way for his group to operate freely.

Academic Freedom in Turkey Under Seige

It appears that Fethullah Gülen, a U.S.-based Islamic preacher from Turkey who promotes peace and tolerance, and the schools associated with his religious Hizmet movement can’t get a break. Now, Gülen’s schools are being targeted in his home country by the Turkish government’s ruling Justice and Development Party, known as the AKP, which should dispel any notion in the U.S. that the AKP is somehow in cahoots with the Gülen movement.

My opinion on the book ‘Imam’s Army’

Conspiracy theory is very widespread in Turkey,  society is currently polarized. Those who share a positivistic and Islamophobic mindset refuse to recognize that religion can assume a positive role and hold the Gülen movement responsible for nearly all evil. ŞAHİN ALPAY, Monday April 11, 2011 During my contacts with European parliamentarians, officials and Turkey experts […]

PM’s son: Dad, let’s initiate an operation against Hizmet’s senior members

Prime Minister Recep Tayyip Erdoğan’s son Bilal allegedly urged his father to trigger an operation to detain prominent figures of the Hizmet movement in response to an ongoing graft and bribery investigation implicating Erdoğan, his family members and a number of ministers and businessmen close to him.

Hizmet in Context: Societal Islam Versus Political Islam

The Hizmet movement is according to Ebaugh (2010) a civic movement rooted in Islam that is independent from the state. Others see it simply as a faith- based movement (Esposito and Yilmaz 2010). Agai (2004) describes it as an education network and Hendrick (2009) as a global pressure group to promote Turkish interests.

TV station won’t cover AK Party events due to harassment of reporter

A national TV station announced on Monday that it will no longer send reporters to Justice and Development Party (AK Party) rallies after one of their reporters was harassed by party supporters on Friday during the party rally organized to welcome Prime Minister Recep Tayyip Erdoğan at İstanbul Atatürk Airport.

Latest News

Turkish inmate jailed over alleged Gülen links dies of heart attack in prison

Message of Condemnation and Condolences for Mass Shooting at Bondi Beach, Sydney

Media executive Hidayet Karaca marks 11th year in prison over alleged links to Gülen movement

ECtHR faults Turkey for convictions of 2,420 applicants over Gülen links in follow-up to 2023 judgment

New Book Exposes Erdoğan’s “Civil Death Project” Targeting the Hizmet Movement

European Human Rights Treaty Faces Legal And Political Tests

ECtHR rejects Turkey’s appeal, clearing path for retrials in Gülen-linked cases

Erdoğan’s Civil Death Project’ : The ‘politicide’ spanning more than a decade

Fethullah Gülen’s Vision and the Purpose of Hizmet

In Case You Missed It

Rep. Andy Fleischmann named ” Statesman of the year” by Peace Advocacy Group

Another suspicious death: Doctor dies of heart attack in prison

Gulenists dismissed, purged, and tortured: Canadian Immigration Board

Parents dream of their children being admitted to Turkish schools in Senegal

Planned prep school ban [in Turkey] disregards basic rights as in single-party era

Daily Trust Editorial: In Turkey, fresh affront on democracy

Australian Relief Organization completes orphanage refurbishment project in Malawi

Copyright 2026 Hizmet News